Industrial manufacturer Raven Industries Inc reported better-than-expected quarterly results, helped by strength in its electronic systems segment.
However, the company saw lower sales at its applied technology and engineered films segments for the second quarter.
Based on current indications the third quarter will produce lower results, similar to or somewhat lower than our first half performance when comparing year over year on a percentage basis, Chief Executive Ronald Moquist said in a statement.
For the second quarter ended July 31, the company reported a net income of $6.2 million, or 34 cents a share, compared with $6.8 million, or 38 cents a share, a year ago.
Sales fell 18 percent to $56.6 million. Revenue from the applied technology segment fell 18 percent while that from the engineered films division slumped 43 percent.
Sales at its electronic systems division rose 22 percent.
Analysts on average were expecting earnings of 27 cents a share, before special items, on revenue of $55.5 million according to Reuters Estimates.
Shares of the Sioux Falls, South Dakota-based company rose 3 percent to $29.49 Wednesday morning on Nasdaq.
(Reporting by Divya Sharma in Bangalore; Editing by Deepak Kannan)